Archive

On November 24th IRS issued Notice 2015-82 which raises the safe harbor property expensing threshold to $2500. In simple words, property and equipment costing less than $2500 can be directly expensed in the current tax year and need not be capitalized and depreciated over its economic life. The old threshold was $500 and was often […]

I wanted to issue a friendly reminder to all small business owners. The deadline for filing tax returns for a calendar year corporations and LLCs filing as associations is on March 16, 2015 /midnight – local time/. If you are not ready and cannot meet the deadline, please consider filing form 7004 to get an […]

According to recent article in Wall Street Journal the US government estimates that as many as six million households may have to pay a penalty for not having health-insurance coverage last year as required under the Affordable Care Act. The penalties can significantly vary and can range from a couple of hundred dollars to a […]

“The Tax Increase Prevention Act” also known as the tax extenders bill or “Achieving a Better Life Experience Act of 2014” is finally official. It amends the Internal Revenue Code to extend certain expiring tax provisions relating to individuals, businesses, and the energy sector. The extension is good through December 31, 2014 and includes more than 60 […]

The Center for Agricultural Law and Taxation from Iowa State University has published a nice article outlining the impact of the Affordable Care Act /ACA/ on S Corporation shareholders with more than 2% ownership. It should be noted that certain healthcare arrangements can subject your company to potential fines of up to $100 per day […]

Reminder of the filing due dates for 1099 and W2 forms: February 2, is the deadline for forms W-2 & 1099 copies to Recipients/Employees and forms 940 & 944 filing with the IRS. March 2, 2015 is the deadline for W-2 & 1099, if paper filing with the IRS and SSA. March 31, is the […]

The IRS identified roughly two million tax returns that were potentially fraudulent last year – up 72% from the previous year. Most people already check their credit reports on a regular basis for accuracy, however it is a good idea to check your tax and social security records as well. It’s easy and its free! […]